Credit Union refused to open a savings and checking account for us

[cynhgm]

Has this happened to anybody here? My employer's credit union refused to open an account for me and my wife based on my credit score. We didn't ask for a credit card or anything loan related - just a simple savings and checking account. This experience took me back quite a bit because so far it has been smooth sailing (14 months in, 46 more to go) and I never realized that something that has nothing to do with borrowing money would be out of reach so unexpectedly (well, I know about the renting and getting employment - I am prepared for those things, though, i.e. they are expected and I would be prepared for them if needed).

Ugh. You do the right thing and you get punished.

Well, I guess we stay with big evil bank for a while longer.

[tobee43]

well..sorry to hear that...we didn't file a 13...however, what we had done was prior to any filing...at the time we didn't know if it was going to be a 13 or 7....we opened "new accounts" at both a credit union and another small community bank...then we filed. we had no problems opening up the accounts...interesting thougth tho...i do wonder if we had wanted until AFTER the filing if it would have effected us as it did you....

anyone else with that experience would love to hear about it!

[jetsfan2010]

some banks/credit unions do have credit score minimums even for a bank acct

[daxtell]

i experienced that same problem with a couple of banks when my credit scores dropped. i had been with bank of america for over 15 years but i had incurred overdraft fees with payday loans, plus the loans kept hitting my account and had to close the account. when i tried to open a new account somewhere else i also was shocked that i could not. one banks reason was my credit score and another bank saying i still owed bank of america so i was denied there too. i just kept trying though and eventually suntrust allowed me to open a new checking account with them. i did include bank of america in my bankruptcy as they report to chexsystems too and they have since removed it.

[Kuya]

Credit Unions can be more picky . . . .

My sister had an account with our Credit Union for 20 years. She filed a BK7 about 6 years ago . . .and immediately the forced her to close out her account. She received a letter in the mail that basically said she was being kicked out.

[tobee43]

some banks/credit unions do have credit score minimums even for a bank acct

you got that right...my niece was in NYC over the summer and Chase wouldn't allow her to open account...she was at NYC just for a few months and they said NO way...you need to be a proof of residence for over 6 months...blah blah...and MORE blah...unreal...

[jetsfan2010]

Suntrust is one of the few banks that dont pull your credit when opening...

[lrprn]

Go to a local bank. Credit unions are notoriously difficult to work with during and after filing bankruptcy.

Keep in mind that no bank, credit union, or any other financial institution is obligated to make you a customer. It's voluntary on their part whether they take you as a customer or not. Because our money enables them to make money, under normal circumstances they are quite happy to take whatever money of your own you are willing to put in their vaults After bankruptcy, some will see you as too big a risk to make money off you with their credit cards and loans.

However, if you are in the ChexSystem because of bounced checks or unpaid overdrafts that were never made good before or after filing, closing out an account that's negative, etc, then that's a whole different story. It's very difficult (but not impossible) to find a financial institution who will touch you as long as your name comes up on their Chex database search.

[tobee43]

it's so true the small local community banks are ones best bet....even when are moved out...one to boston...i told him find the smallest neighborhood bank....why...usually better customer service...and they do anything to compete with the large banks.

it's nice for us...we found a small local bank and they call us by our first names when they greet us as we enter.....however...i'm sure a loan would be a different story at this point.

[helpme2010]

I just opened checking account at BofA with no problem whatsoever. I even got a debit card. This is post-ch 7 bk and current ch 13. They didn't ask about my credit history. I even told them I was unemployed.

[sunshinepa]

Consider online banking accounts. They are paying better interest and I have been reading great things about some of them. When I get through this I am going to put savings in an online acct.......much better interest rates. Just a thought.

[NowImDownInIt]

I'm sorry you're going through this. It sucks to have these kind of reminders. I suppose we got lucky that my credit union (my company's) allowed us to join a year into my bk. Even got a car loan approval through them last July. Just like everything else, it varies widely from CU to CU and from bank to bank.

[helpme2010]

Always remember those corporations that burn you and make a commitment to never do business with them again, ever!